MM HF vs BB/EB IBD for college grads 2023
This topic has been discussed several times on this forum and I am checking if there are any new thoughts. Apparently Citadel has joined Point72 to launch a college grad training program and it has been several years for these MM hedge fund programs to iterate and improve. Is it a good idea to join P72 Academy/Citadel/other MM HF out of college rather than a typical 2 year IBD route.
Bump - really interested to know too. As a current University student, I'm also in a dilemma of choosing the traditional route (2 years IBD than jump) or straight out to MM HF. I know that eventually I would want to end up in a HF, but would like to hear from any seasoned vets if there could be things I'm missing out on too.
if you want to be in HF any time in the next 10 years, market neutral (the bread and butter at MM platforms) is the way to go. they are expanding AUM like crazyz
Disclaimer: I'm headed to one of P72/Citadel for L/S so I'm biased. Also don't really want to go too into the weeds about investment style and beta/factor neutral whatever so gna keep it quite broad.
The first thing that's worth mentioning is that the single manager bias against hiring MM analysts is much less of an issue now than it was say 5-10 years ago so the idea that going to an MM at the start of your career will means you stay in that area isn't really true anymore. Saying that, however, there are definitely some strategies out there which really benefit from IBD/PE experience and likely always will; distressed/activist strategies come to mind but I'm sure there are other strategies that some tiger cubs utilise which would greatly prefer the IB/PE background. As someone has already stated, however, its unclear how profitable these strategies will be compared to the market-neutral style of investing going forward.
I think its more to do with how convinced you are that you want to work in public markets and if you already have an interest in a specific strategy or not. If you're broadly keen on L/S and are interested very much in public markets I think going the HF route makes sense but if you're somewhat unsure or have an interest in specific strategies or PE then IBD is the obvious move.
In terms of training: Point72>Citadel>>>anywhere else. If you have a good EB IBD offer and don't have an offer from one of these funds I'd strongly suggest taking the IB route unless you're already God's Gift to investing.
Thoughts on MLPs training program?
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